Archive for Senior Housing

Jan
05

Two Senior Living Facilities in the Carolinas Sold

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elderly_peopleGreystone Real Estate Advisors announced it closed the $33,000,000 sale of Brookdale Hendersonville in Hendersonville, NC and Brookdale Skylyn in Spartanburg, SC. A private equity group purchased the seniors housing properties from Brookdale Senior Living, Inc., on December 15. Mike Garbers and Cody Tremper of Greystone represented the seller in the transaction.

Brookdale Hendersonville, located in a southern suburb of Asheville, North Carolina, is an independent living and memory care community that consists of independent living cottages, an independent living clubhouse, an administrative office building, and a separate memory care building. Built in 1985 and 1993, the community sits on a total of 21.36 acres of land.

Brookdale Skylyn, located between Greenville, South Carolina and Charlotte, North Carolina, is an independent living, assisted living, memory care, and skilled nursing community. The property consists of two senior living buildings and one skilled nursing building. Built in 1986, the community sits on 17.61 acres of land.

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Aug
02

Senior Housing is Big Business in Beaufort County

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elderly_peopleIn the next two years, Beaufort County can expect to see a 34 percent increase in its capacity of senior housing.

Most of the construction is happening in Bluffton, Okatie and on Hilton Head Island — adding about 502 new beds in all — but the growth will be just as noticeable in northern Beaufort County.

Port Royal and Beaufort will see 301 new beds, a 58 percent increase from its current capacity for independent and assisted living, skilled nursing and memory care, compared with 27 percent south of the Broad River.

In all, the growth is coming from the recent and planned expansions of three existing senior-living homes — Benton House of Bluffton, Cypress of Hilton Head, and The Palmettos at NHC Bluffton — and the planned addition of 11 new facilities.

The companies are capitalizing on a trend 20 years in the making. The thousands of retirees who first moved into Sun City Hilton Head in the 1990s, and smaller local retirement communities, are starting to age out, and more and more often, the next wave are bringing their elderly parents along with them, local senior housing professionals say.

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Mar
02

Memory Care the Most Wanted Seniors Property Type

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memory-careSpecialized facilities for memory care patients have been the most sought-after asset type for seniors property investors and developers for some time now, and they’ll likely remain at the top of the wish list in 2016, industry experts say.

Memory care facilities rose in prominence in the past three decades due to improved understanding and more sophisticated techniques in how to care for elderly patients suffering from dementia and other progressive brain disorders, particularly Alzheimer’s disease. Operators and developers have further specialized the properties, allowing for high-tech, dorm-style additions onto current or new assisted living complexes.

Respondents to Lancaster Pollard’s recently released Seniors Housing and Care Survey predict, by a wide margin, that memory-care-related facilities will see the most investment sales activity and development this year. The respondents expresses the same confidence in the property type in 2015.

“It’s definitely the most commonly wanted property,” says Steve Kennedy, a senior managing director with Lancaster, which provides financial advice and financing solutions for the seniors housing industry. “Clearly, the projected demographic trends support that it will remain popular for some time, though it’s hoped that there will be enough affordable properties built when the baby boomers begin needing that care.”

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Categories : National News
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May
15

Five Story Senior Housing Project Coming to Hilton Head

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hhi seniorA five-story, luxury senior-living center finally has the greenlight from town leaders to redevelop Salty Fare Landing on Hilton Head Island.

Bayshore Retirement Partners plans to build a 150,000-square-foot senior center near the Skull Creek dock, on the west side of Squire Pope Road, at the former Daufuskie Island Ferry launch.

The building will include 126 one- and two-bedroom units, a library, dining facilities, a pool, a full-service bar and lounge, a fitness room and a theater, among other amenities.

Bayshore also plans to refurbish the dock on the property and add swing trellises, a small formal garden, a seating terrace, a putting green and a fire pit along the waterfront.

The facility now has the support of all of its neighbors, thanks to a handful of design changes, town urban designer Jennifer Ray told the Design Review Board on Tuesday. Bayshore will build 10 feet farther away from The Cypress, providing more space between it and its Hilton Head Plantation neighbor, Ray said.

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Categories : Hilton Head Island
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Dec
19

Six Retirement Centers in the Carolinas Sold

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sold signsNational Health Investors has bought eight retirement communities from Health Care REIT for $476 million.

The newly acquired portfolio has 1,671 units in Florida, Georgia, North Carolina and South Carolina. The properties are the Brightwater facility in Myrtle Beach, S.C.; Lakes at Litchfield in Pawley’s Island, S.C.; Cascades Verdae in Greenville, S.C.; Summit Hills in Spartanburg, S.C.; Homestead Hills in Winston-Salem, N.C.; Ridgecrest in Mt. Airy, N.C.; Marsh’s Edge in Saint Simons Island, Ga.; and Osprey Village in Amelia Island, Fla. NHI plans to expand some of the communities.

Before the acquisition, NHI owned 173 properties in 30 states. It invests in senior housing, skilled nursing facilities and hospitals as well as other facilities. National Health Investors is a real estate investment trust based in Murfreesboro. The seller, Health Care REIT, is based in Toledo, Ohio.

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Jul
20

Homes & Assisted Living Planned for Forest Acres Site

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A new high-end, low-density subdivision is part of the vision for a portion of land recently sold by the Carolina Children’s Home in Forest Acres, some of the last remaining undeveloped land in the area.

Midlands real estate investment group H & M Real Estate Holdings LLC purchased 26 acres between Sunnyside Drive and Beltline Boulevard – just off Trenholm Road and not far from Richland Mall – from the Children’s Home for $2.9 million in May.

The new owners’ plans include building single-family homes on a portion of the land and an assisted-living facility on the remainder, according to Forest Acres City Administrator Mark Williams. Last month, the Planning Commission approved a conceptual subdivision plan for the property.

The planned developments would not disrupt the character or traffic flow of the existing neighborhoods, said H & M partner Randy Jones of R. Leon Jones Realty.

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Categories : Columbia
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Jun
19

Senior Housing Construction Slows, But Not Assisted Living

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While recent data show senior living construction starts have decreased by 65% in the first quarter of this year compared to the same quarter last year, senior housing experts say increasing occupancy rates, expanding demographics and other indicators reveal a formidable future for the senior housing industry.

“Construction activity has moderated slightly, which might be weather-related, but there is a lot of capital in the sector, so we’re expecting there will be more product coming into the market as we go forward,” said Beth Burnham Mace, chief economist and director of capital markets for the National Investment Center for the Seniors Housing & Care Industry (NIC), during a recent webinar hosted by National Real Estate Investor.

Assisted living’s expected supply increase and absorption rates over the next four quarters outpace those of independent living, data show.

“In assisted living the dynamics are considerably different, there’s much more supply and demand than in independent living,” said Chris McGraw, senior research analyst with NIC.

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Categories : National News
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May
07

ARA Releases Seniors Housing Report

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ARA Seniors Housing has released the Quarterly Trend Report for the first quarter of 2014. This report has been developed to keep you informed of the latest information and trends within the seniors housing market over the past quarter.

Categories : National News
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Mar
14

Clemson Retirement Community Expanding

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Clemson Downs Retirement Community plans to invest $9 million in a new facility and facility expansion at its 38-acre campus in Clemson, according to a news release.

The $9 million project has two components. One is a new two-story facility with 32 private rooms The other is the expansion of an existing nursing facility with 16 private rooms and event space. The project is slated for completion by the end of the year.

“People who experience the effects of cognitive decline respond best to a specialized environment that addresses that challenges they face each day,” said Clemson Downs Executive Director Dr. John LeHeup. “There is a great need in our area for a focused approach to all details of a patient’s care, from accommodations and food service to exercise and special program considerations.”

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Categories : Clemson
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A large senior-living community is on its way to the town of Lexington.

Lexington-based Connelly Builders Inc. and Connelly Development LLC plan to bring a 48-unit apartment complex to the area. Kevin Connelly, president of Connelly Builders and manager and sole member of Connelly Development, said the community will address the town’s growing senior population.

“The market study shows a tremendous need,” he said.

In total, the development will cover approximately 68,000 square feet with its primary entrance off of Northwood Road. Connelly said Intermark Management will oversee daily operations of the apartments for residents 55 and older once it’s completed.

The Connelly family of businesses previously built and developed senior living communities in Greer and Manning as well as North Carolina. Connelly said taking on a project in Lexington seemed ideal.

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Categories : Columbia, Lexington
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Mar
03

Tega Cay Assisted Living Facility Under Construction

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Work has begun on Wellmore at Tega Cay, a $35.5 million assisted living community at the corner of S.C. 160 and Stonecrest Boulevard.

When finished, the 12.5-acre site will have 152 housing units as well as a clubhouse with a dining hall and fitness room. The center will have a capacity of 210 people and will employ about 130 people. Construction is expected to take about 14 months with an anticipated opening in the summer of 2015.

Richard Conway, managing director for development of The Maxwell Group, said the site was chosen because of its location. Within a 5-mile radius of the site there are no similar facilities, Conway said. There are a significant number of possible tenants age 75 or older in the 5-mile radius as well as adult children ages 55 to 64.

The center, however, will serve York County and southern Mecklenburg County, he said.

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Categories : Rock Hill
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Jan
09

Assisted Living Market to Remain Strong

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Assisted living is expected to continue its domination of the senior housing investment and acquisition scene in 2014 following a year where the sector grabbed industry headlines for new construction volume and low cap rates.

“For new development and newer, Class A product, assisted living and memory care are probably going to be the most attractive and easiest for us to sell. Everyone wants them,” says Jeremy Stroiman, CEO of brokerage firm Evans Senior Investments.

Next year will probably look a lot like 2013, says Kent Eikanas, president and chief operating officer of Summit Healthcare REIT, Inc. (formerly Cornerstone Core Properties REIT), with investor interest expected to revolve more around senior living than skilled nursing.

“People are going to be a lot more comfortable with the lower acuity of independent living and assisted living,” Eikanas says. “As you go up the acuity scale, the amount of investors gets less and less.”

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Categories : National News
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Dec
04

ARA Seniors Housing Releases 3Q Trend Report

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Seniors housing occupancy rose 30 bps in the third quarter of 2013, marking a halfway point in the metric’s recovery since the recession’s lows. While it increased in both primary and secondary markets during the quarter, the secondary markets pulled the overall seniors housing occupancy level up to 89.7%. Occupancy rose in both the independent living and assisted living segments, increasing 20 bps for IL properties and 40 bps for AL properties in the third quarter, according to the NIC MAP® Data and Analysis Service, 3Q2013. Occupancy remains the lowest in freestanding memory care properties, at 85.0%, and highest in combined independent/assisted living properties, at 90.3%.

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Categories : National News
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Apr
30

ARA Seniors Housing Trend Report Released

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Click on the photo to download the report.

Categories : National News
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Dec
18

North Charleston Plans Senior Living Development

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The city of North Charleston is preparing for an aging population by selling two parcels of land to create park space, a grocery store and senior living.

In October, the city purchased the former Charleston naval hospital from the federal government via online auction through the General Services Administration. The property at 3600 Rivers Ave. includes the 10-story hospital, barracks and 23 acres of property and was purchased for $2 million.

The city had also purchased and cleared the former Shipyard Square shopping center, at a cost of $4.2 million.

Chicora Gardens Holdings LLC is purchasing the two plots for $9.2 million and could present a plan for development to the city as early as Dec. 20.

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Categories : Charleston
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